Common shares (Tables)

12 Months Ended

Dec. 31, 2014

Common Shares Tables

Common shares

	# of shares		$ value
As at December 31, 2011		34,757,396	$	53,756,687
Transactions during the year ended December 31, 2012:
Issued through private placement
financing, net of issue costs (iii)		4,258,005		2,886,024
Value attributed to US$ Warrants issued in the
private placement financing (iii)		-		(409,143	)
Issued on exercise of stock options		75,000		47,250
Issued on exercise of warrants (ii)		464,558		278,760
Transfer from contributed capital upon exercise of:
Stock options		-		18,375
Warrants		-		45,733
As at December 31, 2012		39,554,959		56,623,686
Transactions during the year ended December 31, 2013:
Conversion of Preferred Shares (i)		2,000,000		3,256,400
Issued on exercise of stock options		16,667		13,234
Issued on exercise of US$ Warrants (note 11)		846,700		1,064,222
Transfer from contributed capital upon exercise of stock options		-		8,279
Transfer from fair value of US$ Warrants upon exercise (note 12)		-		374,500
As at December 31, 2013		42,418,326		61,340,321
Transactions during the year ended December 31, 2014:
Issued on exercise of stock options		482,665		288,066
Issued on exercise of US$ Warrants (note 11)		2,057,852		2,735,995
Transfer from contributed capital upon exercise of stock options		-		147,125
Transfer from fair value US$ Warrants upon exercise (note 12)		-		1,280,800
As at December 31, 2014		44,958,843		65,792,307

warrants issued

				exercise
	# of			proceeds
	warrants			received
Issued in the 2011 Placement		3,345,920		$	-
Exercised in 2011		(700,000	)		420,000
Outstanding as at December 31, 2011		2,645,920			420,000
Exercised in 2012		(464,558	)		278,760
Expired on February 16, 2012		(2,181,362	)		-
		-			698,760

Financings

	March, 2012			May 4, 2012			2012 total
Proceeds (in US dollars)		2,216,005			977,500			3,193,505
Proceeds (in Cdn $)		2,210,690			972,442			3,183,132
Less share issue costs incurred		(187,844	)		(109,264	)		(297,108	)
Proceeds, net of issue costs		2,022,846			863,178			2,886,024
Number of common shares issued		2,954,672			1,303,333			4,258,005
Number of US$ Warrants issued		2,954,672			1,303,333			4,258,005
Number of finder’s warrants issued		162,416			82,400			244,816
		3,117,088			1,385,733			4,502,821
Fair value attributed to US$ Warrants		249,143			160,000			409,143